The global smart security market size is poised to grow by USD 20.59 billion during 2020-2024, progressing at a CAGR of over 16% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Smart Security Market 2020-2024 (Graphic: Business Wire)
The smart security market is driven by the growing number of smart cities worldwide. Smart cities use advanced technologies to make data-driven decisions, which improve the performance of core public, commercial, and industrial infrastructure. Smart security is commonly deployed in smart cities for effective surveillance. This is because these solutions use high-definition cameras that are ideal for the effective surveillance of cities and critical public infrastructures, such as airports, seaports, bus depots, refineries, stadiums, and manufacturing plants. Smart security enables the efficient use of resources to ensure the safety and security of smart city infrastructure and that of citizens, as well as to promote a safe and secure city environment. Therefore, several smart cities are adopting advanced smart security solutions.
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Report Highlights:
- The major smart security market growth came from the surveillance systems segment in 2019, and is expected to witness the fastest growth during the next five years.
- North America was the largest smart security market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising investments in smart city projects, the growth of the retail sector, increasing penetration of smart homes, growing disposable incomes of households, and increasing property and motor vehicle thefts.
- The global smart security market is fragmented. Anixter International Inc., Axis Communications AB, AxxonSoft Inc., Cisco Systems Inc., FLIR Systems Inc., Genetec Inc., Honeywell International Inc., Johnson Controls International Plc, NICE Ltd., and Robert Bosch GmbH. are some of the major market participants. To help clients improve their market position, this smart security market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global smart security market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Rising Need to Mitigate Criminal Activities will be a Key Market Trend
The threat of sophisticated criminal and terrorist activities is increasing across the world. For instance, in 2018, approximately 10,900 terrorist attacks took place across the world, which caused the death of 26,400 people, including the perpetrators. The increasing number of terrorist attacks, especially in countries such as the US and the UK, has necessitated the deployment of smart security solutions. Smart security is also deployed to curb criminal activities, such as intrusion, murder, robbery, and theft. The governments of several countries have imposed stringent regulations that make the installation of smart security mandatory in public places, such as hypermarkets, hospitals, airports, seaports, railway stations, hotels, and malls, to prevent criminal and terrorist activities. Therefore, the deployment of smart security will provide citizens with a safe and crime-free environment and improve their quality of life. Therefore, the need to mitigate criminal activities and terrorist attacks will drive the growth of the global smart security market.
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Smart Security Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart security market growth during the next five years
- Estimation of the smart security market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart security market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart security market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Surveillance systems – Market size and forecast 2019-2024
- Intruder alarms – Market size and forecast 2019-2024
- Access control systems – Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Commercial – Market size and forecast 2019-2024
- Residential – Market size and forecast 2019-2024
- Utility infrastructure – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
Customer Landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
- Competitive landscape
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Anixter International Inc.
- Axis Communications AB
- AxxonSoft Inc.
- Cisco Systems Inc.
- FLIR Systems Inc.
- Genetec Inc.
- Honeywell International Inc.
- Johnson Controls International Plc
- NICE Ltd.
- Robert Bosch GmbH
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020005841/en/